If a fixed asset is purchased for business use in cash for 60,000/-. whether depreciation on such asset will be disallowed in this case or not ? Give reason too....
Menu
Sec.40A(3) of ITAct
Replies (2)
section 40 A (3) SAYS THE CASH EXPENDITURE SAHLL NOT BE ALLOWED AS DEDUCTION IF PAYMENT EXCEEDS 20000 IN A DAY
THERE IS NOTHING RELATED TO THE DEPRECIATION ON FIXED ASSET
SO FIRST U CONFIRM THE PAYMENT MADE TO PURCHASE ASSET ALLOWED AS A DEDUCTION OR NOT...
Sec 40A(3) is not applicable in this case.
Recent Topic
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
Related Topics
CAclubindia
